It was the quiet before the storm, and then the storm arrived right on cue. Stocks spent the regular session drifting higher for a third straight day, helped along by falling bond yields, as traders held their fire ahead of two of the month's biggest events: the Fed's Jackson Hole gathering and, above all, Nvidia's earnings. The Nasdaq led a calm, tech-tilted advance. Then, minutes after the closing bell, Nvidia delivered a blockbuster, and the whole market's mood tilted with it.
Market snapshot
| Instrument | Level | Move |
|---|---|---|
| US equities (Wed Aug 26 close) | ||
| Nasdaq Composite | 26,151.30 | +171.11 · +0.7% · tech leads |
| S&P 500 | 7,677.24 | +24.38 · +0.3% |
| Dow Jones | 53,577.40 | +160.24 · +0.3% · 3rd gain |
| The Fed & data | ||
| July PCE inflation | +0.2% m/m | firm · sticky |
| 10-Year Treasury | ≈ 4.63% | fell ~7 bps |
| Fed hold odds (Sept) | ≈ 60% | ahead of Jackson Hole |
| The movers | ||
| Nvidia (after close) | rev $96.2B | +106% YoY · EPS $2.22 |
| Meta | ~$16.7B settlement | rose |
| Commodities & FX | ||
| Gold (XAU/USD) | ≈ $4,625 | −0.7% · off record |
| WTI Crude | ≈ $82 | soft · extended slide |
| EUR/USD | ≈ 1.162 | firmer · USD soft |
| USD/JPY | ≈ 158.8 | yen firmer |
Index closes are for the Wednesday 26 August session; Nvidia reported after the close, and commodity and FX figures are approximate, sourced from live price pages. Always check live prices with your broker.
A quiet climb before the main event
For most of the day the market simply marked time. With the Fed's Jackson Hole symposium looming and Nvidia's earnings due after the bell, few traders wanted to take a big position into that much uncertainty. What support there was came from the bond market: the 10-year Treasury yield fell about 7 basis points to 4.63%, extending a retreat that had helped stocks recover from last week's yield-driven selloff. Lower yields lift growth stocks most, so it was fitting that tech and communication services led, with chip names rebounding, and the Nasdaq out in front with a 0.7% gain. The one cloud was inflation: the July PCE report, the Fed's preferred gauge, came in firm, keeping the odds of a September rate hold near 60% and reminding everyone the Fed is not in a hurry to cut.
Live gold chart (last three months). Prices shown are current, not the session covered above.
Then Nvidia delivered a blockbuster
The wait was worth it. After the closing bell, Nvidia reported results that beat on every line: revenue of $96.2 billion, up an extraordinary 106% from a year earlier, and earnings of $2.22 a share, more than double what it made twelve months ago. Its data-centre business alone brought in about $89 billion, and, crucially, the company guided to roughly $108 billion in sales next quarter, comfortably ahead of expectations. For a company that has become the single most important barometer of the entire artificial-intelligence trade, numbers like these matter far beyond one stock. They tell the market that the enormous spending on AI infrastructure is not slowing, which supports the whole basket of chipmakers, cloud names and tech that has carried this bull run. The reaction after hours set the tone for the next session, and, given Nvidia's weight, for the broad market's mood going into the end of the week.
Gold eases off its record as yields and oil slide
While equities inched up, gold took a small step back. The firmer PCE print trimmed bets on Fed rate cuts, and since gold pays no interest, that was enough to pull it about 0.7% lower to around $4,625, still within touching distance of its record after a remarkable run. Oil kept sliding, with WTI soft near $82 as it extended a multi-day decline, and the softer yield backdrop kept the dollar on the back foot, letting the euro firm toward 1.162. It all points to a market that is comfortable, for now, with the idea of a Fed that is on hold rather than hiking, so long as the data does not force its hand.
What it means for traders
Two things frame the days ahead. First, the market just got its answer from Nvidia, and the reaction to it, follow-through or a "sell the news" fade, will say a lot about how much optimism is already priced into tech. Second, Jackson Hole puts Fed guidance front and centre, and with inflation still sticky, any hint on the timing of cuts (or the lack of them) can move yields, the dollar and gold together. For traders, that is a classic setup for sharp, headline-driven moves. The response is the same as always: keep risk small per trade, size every position deliberately, and if you are trading the gold move, start with our guide to how to trade gold. You can see where last week's volatility peaked in our previous wrap.
This market wrap is for information and education only and is not financial advice, a forecast, or a recommendation to buy or sell any instrument. Prices, yields and percentage moves are approximate, sourced from public price pages and reports, and may be delayed or revised; single-stock moves cited are for context. Trading forex, CFDs and leveraged products carries a high level of risk and may not be suitable for all investors; you can lose more than your deposit. Always do your own research.